11.02.2008 Result of BoD Meeting

The Board of Directors of OAO LUKOIL (the Company) held a meeting today in Moscow to approve acquisition of a controlling interest in OAO UGK TGK-8 (TGK-8), which makes up 82.3% of the latter’s authorized capital, by one of LUKOIL Group companies. The transaction is to be paid with OAO LUKOIL treasury shares and cash.

The Board of Directors also approved allocating 23,550,000 registered ordinary shares of OAO LUKOIL at the price* of USD 70.15, which is 6.5% higher than the close price on the MICEX on February 08, 2008. These shares had previously been bought out by the Company on the open market.

In future LUKOIL intends to develop its electric power business. The Strategic Development Program of LUKOIL Group for 2008-2017 envisages establishment of a separate Power Engineering Business Segment in the Company. Development in this area is considered one of the major factors contributing to the Company’s capitalization growth.

*The price is determined as weighted average price of OAO LUKOIL shares based on trade results on the MICEX for 15 working days prior to the date of the meeting of the Board of Directors.